In response to an announcement issued earlier today, Treasury Minister Alfred Cannan MHK has commented on the news that a phased approach to restructuring will lead to a potential 120 job losses in the Isle of Man, as well as losses in the Channel Islands.
These changes are as a result of structural changes Lloyds Bank is making across its Islands business, in reaction to global digital trends within the banking sector.
Impacted staff were notified this morning, and Lloyds Bank will be supporting employees throughout the process. Isle of Man Government, along with colleagues in the Manx Industrial Relations Service, are committed to working with Lloyds Bank to minimise the impact to individuals who are affected by this decision.
Lloyds Bank have reiterated their ongoing commitment to the Isle of Man as both and employer and provider of important commercial and personal banking provision, and they continue to invest in the Isle of Man, notably through their upcoming relocation into Villiers House.
Treasury Minister Alfred Cannan MHK said:
‘Lloyds Bank have a strong and extensive relationship with the Island, are valued partners in community banking services to many on the Isle of Man and this is clearly sad news for those directly affected. Government together with Ministers have been in dialogue with the Group ahead of the announcement so that we could understand the changes and move to support them wherever possible.
‘Whilst any decision that leads to job reductions is never welcome news, we recognise this is a group wide decision and is not a reflection on the Island. It perhaps reflects the challenges that the banking sector has been experiencing globally.
‘The Island’s financial services sector remains key to our economy and despite trends in digitisation and consolidation, has consistently highlighted the shortage of skills before the pandemic and ongoing throughout last year.
‘We understand that these redundancies will be made in a phased approach, and Isle of Man Treasury, through the Employment and Skills team, are committed to assisting any individual in seeking alternative employment across our extensive financial services, digital and broader economy.
‘I am pleased to hear that there will be no immediate customer impact to services as a result of these changes and also welcome the broader investment the Group has been making into the Isle of Man through the new building and associated investment. It is important to note that the Group will continue to be a substantial employer, and are committed in the long term to our Island.’